Mohalla Tech, ShareChat's parent firm, sees losses swell to Rs 4,064 cr in FY23

by IANS |



New Delhi, Nov 21 (IANS) Mohalla Tech, the parent company of social media platform ShareChat, saw its losses swell over 38 per cent to Rs 4,064 crore during FY23 as compared to Rs 2,941 crore in FY22.


Mohalla Tech posted a 62 per cent increase in its revenue from operations to Rs 540.21 crore from Rs 332.69 crore in FY22.


Total income saw an increase of 54.9 per cent to Rs 628.85 crore, reports Inc42.


The parent entity of ShareChat as well as short video entertainment app Moj had raised $255 million from Google, Times Group and Temasek during FY23.


On a unit level, it spent Rs 7.16 to earn a rupee of operating revenue, one of the highest expense-to-revenue ratios for a unicorn in FY23.


‘ShareChat Coin’, the in-app virtual currency, overtook its advertisement income to form 52 per cent of the total revenue.


This income surged 2.3X to Rs 285 crore in FY23 from Rs 121 crore in FY22, according to Entrackr. Earlier this year, ShareChat laid off 20 per cent of its workforce due to uncertain market conditions.


Backed by Twitter, Google, Snap and Tiger Global, ShareChat had about 2,300 employees, and the layoff impacted about 500 people at the company, according to reports.


ShareChat is currently looking for a bridge round to the tune of $50 million at a 55 per cent haircut in its valuation, according to reports that surfaced in October.



Latest News
Insult to humanity: DK Shivakumar condemns 'shackling' of Indian deportees by US Fri, Feb 07, 2025, 04:49 PM
Plane with 10 onboard missing in Alaska Fri, Feb 07, 2025, 04:47 PM
Railway to start running electric trains in southern Assam and Tripura soon Fri, Feb 07, 2025, 04:44 PM
Pakistan: Security forces harass farmers, forcibly collect electricity bills in Punjab province Fri, Feb 07, 2025, 04:43 PM
Sensex, Nifty end lower as investors assess RBI MPC decision Fri, Feb 07, 2025, 04:40 PM
Four killed, several injured in firecracker factory blast at Bengal's Kalyani Fri, Feb 07, 2025, 04:19 PM
Gujarat govt withdraws sedition cases against Patidar leaders Fri, Feb 07, 2025, 04:07 PM
AAP will secure victory in over 50 seats, says Gopal Rai Fri, Feb 07, 2025, 03:26 PM
Warmth, hospitality by Prez Droupadi Murmu made my Rashtrapati Bhavan visit special: Sachin Tendulkar Fri, Feb 07, 2025, 03:23 PM
59 cases of HMPV reported from 11 states in January: Prataprao Jadhav Fri, Feb 07, 2025, 03:18 PM
RBI defers rollout of LCR norms by a year in big relief to banks Fri, Feb 07, 2025, 03:14 PM
UN announces 15 innovation hubs to fuel digital transformation in Kenya Fri, Feb 07, 2025, 03:08 PM
Zambia assures stable HIV drug supply despite US funding halt Fri, Feb 07, 2025, 03:07 PM
NDA MPs from Bihar thank PM Modi for budget bonanza, gift him Madhubani paintings Fri, Feb 07, 2025, 03:06 PM
Romania Reports Record Surge in Respiratory Infections and Flu Cases Fri, Feb 07, 2025, 02:23 PM